$369,000

Exceptional cash-flowing investment opportunity in Atlanta's growing Westside! Offered at just $369,000 with a projected after-repair value (ARV) of $480,000, this income-producing 7-bedroom, 3-bathroom rooming house offers an impressive 15.53% gross rental yield based on scheduled income, established tenants, and tremendous value-add potential! Located JUST 3 BLOCKS FROM A MARTA… Read More TRAIN STATION, this property offers exceptional convenience for tenants and excellent potential for PadSplit or other room-by-room co-living strategies, subject to applicable regulations and platform approval. Current monthly rental breakdown includes Room 1: $740 (Airbnb), Room 2: $675 (long-term tenant), Room 3: $680, Room 4: $725 (private bathroom/on-site house manager), Room 5: $680, Room 6: $750, and Room 7: $600, totaling $4,850 monthly ($58,200 annually) in gross potential rental income. After the house manager's $75 monthly discount, scheduled rental income is $4,775 monthly ($57,300 annually), representing a 15.53% gross rental yield at the asking price before operating expenses. The spacious layout features 4 bedrooms and 2 bathrooms on the main level, plus a finished basement in-law suite with 3 bedrooms, 1 bathroom, and a kitchenette. Owner pays utilities, with Georgia Power currently on a $199 monthly budget billing plan. Significant upside potential exists through approximately $20,000 in estimated cosmetic kitchen and bathroom upgrades, with nearby sales including 1860 Penelope Road ($475,000) and 1328 Sharon Street ($475,000). Projected ARV of $480,000 is subject to appraisal. Investors may also explore converting the garage into a studio apartment and the living room into an additional bedroom, potentially adding $1,700 monthly and increasing scheduled rental income to $6,475 monthly ($77,700 annually), representing a projected 21.06% gross rental yield at the current asking price before conversion costs and operating expenses, subject to zoning and permitting approvals. With 7 established rental rooms, existing tenants, and an on-site house manager, this property presents an attractive opportunity for investors seeking immediate rental income, future equity growth, and expansion into PadSplit-style shared housing. Conveniently located near Downtown Atlanta, MLK Jr. Drive, I-20, shopping, dining, and the BeltLine Westside corridor. Listing agent has access to lenders specializing in rooming-house financing. An outstanding opportunity to acquire an established income-producing investment with substantial upside potential and multiple avenues to maximize cash flow! Seller is also willing to buy down interest rate with the right offer. Read Less

Listing courtesy of Coldwell Banker Realty, 404-252-4908

Listing Snapshot

Days Online

Last Updated

Nov 3, 2026

Lot Size

0.21 Acres

Year Built

1957

MLS Number

10882923

Additional Details

Basement

Bath Finished, Exterior Entry, Full, Interior Entry

Building

Built in 1957, Levels: Two, Construction Materials: Brick

Community

Park, Pickleball Court(s), Playground, Pool, Street Lights, Tennis Court(s), Walk To Public Transit, Walk To Schools, Walk To Shopping

Cooling

Attic Fan, Ceiling Fan(s), Central Air

Energy Saving

Energy Efficiency: Roof, Thermostat

Fireplaces

1 fireplace

Heating

Central

Home Owner's Association

Association Fee: $0, Fee Includes: None

Lot

0.215 acres

Parking

3 total parking spaces, Attached, Garage, Parking Pad

Property

Updated/Remodeled

Sewer

Public Sewer

Taxes

Parcel Number: 14 017300100158, Annual Amount: $4,949, Year: 2024

Utilities

Sewer Connected, Water Source: Public

Water Features

Water Body Name: None

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1917 Penelope Road NW

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